BU111 Lecture Notes - Lecture 1: Ikea, Competitive Advantage, Cash Flow
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Document Summary
Critical success factors are the steps and procedures that an organization must take in order to be successful in that industry. When revenue is greater than expenses, cash flow is generated. This is as a result of all other critical success factors being achieved. Customers are your source of revenue, thus by anticipating and meeting customer needs you can sell products and generate revenue. Business understands their customers" needs and being ready to meet what they are ready to pay for. Only way to generate revenue in the long run, since a successful company means continuous change. Gaining employee commitment your employees are able to meet their personal goals while achieving the businesses goals. When you have people in this mindset, you can see the connections. When employees can reach their goals and have a good support system at work then they can be creative. If you have commitment employees will take pride in the product.
